Guardant Health, Inc.GH
NasdaqGS•Healthcare•Diagnostics & Research
Guardant Health, Inc., a precision oncology company, provides blood and tissue tests, and data sets in the United States and internationally. The company offers Guardant360 CDx test, a liquid biopsy test for tumor mutation profiling; Guardant360 Liquid test, which measures 740+ genes and supports all guideline-recommended biomarkers; Guardant Reveal test, a blood test that utilizes circulating tumor DNA to detect cancer at the molecular level; and Guardant360 Tissue test, a molecular profiling test for tumor tissue that provides genomic, transcriptomic, and epigenomic insights. It also provides Shield blood test for colorectal cancer screening in adults. In addition, the company offers GuardantINFINITY test that provides insights into the complexities of tumor molecular profiles and immune response to advance cancer research and therapy development; GuardantOMNI test covers 500 genes, including genes associated with homologous recombination repair deficiency and biomarkers for immuno-oncology applications; GuardantINFORM, which provides longitudinal biological insight into tumor evolution alongside longitudinal clinical outcomes; and GuardantConnect, an integrated software-based solution designed for clinical and biopharmaceutical customers to connect patients tested with assays with actionable alterations with potentially relevant clinical studies. Further, it provides Smart Platform, which delivers multiomic insights leveraging genomic, epigenomic, and RNA-based data that are scalable from research to the clinic. Additionally, the company offers development services, including companion diagnostic development and regulatory approval, clinical study setup, monitoring and maintenance, testing development and support, technologies licensing, and kit fulfillment and delivery of Shield screening tests. It has a strategic collaboration with Nuvalent, Inc. for oncology drug development. The company was incorporated in 2011 and is headquartered in Palo Alto, California.
Guardant Health, Inc. (GH) reported trailing twelve months revenue of $1.08B as of March 2026, a 39.6% increase year-over-year. Quarterly revenue reached $301.67M, reflecting continued top-line momentum.
Guardant Health, Inc. reported a TTM net loss of $433.19M, with quarterly EBITDA of $-111.91M. The operating margin expanded from -54.6% to -40.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-40.2%) and net margin (-37.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -46.8% a year ago, signaling stronger bottom-line efficiency.
GH trades at a P/S of 10.5x.
The company reported negative free cash flow of $-71.20M, indicating cash consumption over the period. The balance sheet shows $1.92B in total assets with $1.50B in long-term debt against $-181.07M in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -50.2%. The business may lack pricing power or face rising costs.'
Limited ROE data for a reliable assessment.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~67.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 7.2% — significant dilution, likely from stock compensation or capital raises.